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WuXi Biologics (Cayman) Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags
WuXi Biologics (Cayman) (HKG:2269) Full Year 2023 Results
Key Financial Results
- Revenue: CN¥17.0b (up 12% from FY 2022).
- Net income: CN¥3.40b (down 23% from FY 2022).
- Profit margin: 20% (down from 29% in FY 2022). The decrease in margin was driven by higher expenses.
- EPS: CN¥0.82 (down from CN¥1.06 in FY 2022).
2269 Products In Clinical Trials
- Phase I: 203.
- Phase II: 81.
- Phase III: 51.
All figures shown in the chart above are for the trailing 12 month (TTM) period
WuXi Biologics (Cayman) Revenues Beat Expectations, EPS Falls Short
Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 14%.
The primary driver behind last 12 months revenue was the Biologics segment contributing a total revenue of CN¥16.0b (94% of total revenue). Notably, cost of sales worth CN¥10.2b amounted to 60% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to CN¥1.79b (52% of total expenses). Explore how 2269's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Life Sciences industry in Asia.
Performance of the market in Hong Kong.
The company's shares are up 5.9% from a week ago.
Risk Analysis
Before you take the next step you should know about the 2 warning signs for WuXi Biologics (Cayman) that we have uncovered.
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About SEHK:2269
WuXi Biologics (Cayman)
An investment holding company, provides end-to-end solutions and services for biologics discovery, development, and manufacturing for biologics industry in the People’s Republic of China, North America, Europe, Singapore, Japan, South Korea, and Australia.
Undervalued with excellent balance sheet.